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Exchange Rate Policy in Chile since 1960: Political Economy and The Choice of Regime

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  • José De Gregorio

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Abstract

This paper analyzes exchange rate policies in Chile since the 1960s. A brief overview on main policies is presented. Particular attention is put into the two episodes of fixed-exchange rate as well as the reasons why policy makers may have arrived to those decisions. The paper also examines the long tradition of Chile on the use of crawling peg to preserve competitiveness and as a quick exit during times of crisis. More specifically, this paper attempts to uncover political economy factors that may have influenced the decisions on exchange rate policy. Empirical evidence on the economic environment during different episodes of exchange rate management as well as the political economy factors that may have underlay the options is presented.

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File URL: http://www.dii.uchile.cl/~cea/sitedev/cea/www/download.php?file=documentos_trabajo/ASOCFILE120030402113121.pdf
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Bibliographic Info

Paper provided by Centro de Economía Aplicada, Universidad de Chile in its series Documentos de Trabajo with number 68.

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Date of creation: 1999
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Handle: RePEc:edj:ceauch:68

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  1. Kevin Cowan & Jose De Gregorio, 1996. "Exchange rate policies and capital account management: Chile in the 1990s," Proceedings, Federal Reserve Bank of San Francisco, pages 465-488.
  2. John Williamson, 1996. "Crawling Band as an Exchange Rate Regime: Lessons from Chile, Colombia and Israel, The," Peterson Institute Press: All Books, Peterson Institute for International Economics, number 14.
  3. Sebastian Edwards & Daniel Lederman, 1998. "The Political Economy of Unilateral Trade Liberalization: The Case of Chile," NBER Working Papers 6510, National Bureau of Economic Research, Inc.
  4. Jose De Gregorio & Holger C. Wolf, 1994. "Terms of Trade, Productivity, and the Real Exchange Rate," Working Papers 94-19, New York University, Leonard N. Stern School of Business, Department of Economics.
  5. Baxter, Marianne, 1994. "Real exchange rates and real interest differentials: Have we missed the business-cycle relationship?," Journal of Monetary Economics, Elsevier, vol. 33(1), pages 5-37, February.
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Cited by:
  1. Marie Briere & Ariane Chapelle & Ariane Szafarz, 2012. "No contagion, only globalization and flight to quality," Working Papers CEB 12-010, ULB -- Universite Libre de Bruxelles.
  2. Ernesto H. Stein & Jeffry Frieden, 2000. "The Political Economy of Exchange Rate Policy in Latin America: An Analytical Overview," Research Department Publications 3118, Inter-American Development Bank, Research Department.

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